THURSDAY, 2:23pm: The Knicks have officially re-signed Novak, the team announced in a press release. Novak himself also announced the deal via Twitter, attaching a photo of him signing his contract.

MONDAY, 1:55pm: The Knicks and Steve Novak have agreed to terms on a new contract, according to agent Mark Bartelstein. Bartelstein says the deal, which is fully guaranteed, will pay Novak $15MM for four years (Twitterlinks via TNT's David Aldridge).

Heading into the offseason, there was speculation that the Knicks wouldn't have the means to retain Novak, but an arbitrator's ruling allowed Novak to retain Early Bird rights, making it easier for New York to make him a competitive offer and bring him back. Due to that ruling, the Knicks won't have to use any form of mid-level or bi-annual exception to re-sign the sharpshooter.

Marc Berman of the New York Post reported last week that nearly a dozen teams expressed some interest in Novak on the first day of free agency, but said at the time that the Knicks felt good about their chances of re-signing the 29-year-old.

Question for Luke or anyone … why does it seem that all teams’ policies are to not release contract details (as in the actual amounts each year)? It seems like it becomes a big guessing game and by going from one website to another (Hoops Rumors, Rotoworld, HoopsHype, HoopsWorld, ESPN, etc.), there is a discrepancy between what they think the players are making, based off their own scaled calculations. What purpose does it serve for the teams to not release the information? Are the teams purposely trying to keep others from figuring out how much cap space each other has available?